Supportive environment needed for job creation: Jaitley

“The multiple global crises of the past several years have had a deleterious impact on the ability of developing countries to mobilise finance for their development aspirations,” Leader of Opposition in the Rajya Sabha Arun Jaitley said here on Monday.

Mr. Jaitley is part of a delegation of visiting Members of Parliament from India.

Addressing a plenary session of the high-level dialogue on Financing for Development at the 68th session of the United Nations General Assembly, Mr. Jaitley said the “stunted” market access for developing countries is exacerbated by “rising protectionist tendencies” in the developed countries and falling levels of FDI.

“The need for a supportive international economic environment, enhanced investment flows, a supportive multilateral trade regime and a strengthened framework for transfer of technology has never been greater to foster and sustain economic growth and job creation in developing countries,” he said.

He noted that that poverty eradication, sustained and inclusive economic growth are the overarching priorities of developing countries.

“It is imperative that these priorities of the developing countries are supported by the international community through enhanced financial and technological assistance and through a supportive and fair international economic system,” he said.

Mr. Jaitley expressed concern that “there appears no light at the end of the tunnel” as far as the Doha Development Round of WTO is concerned.

“It is evident that if we are to succeed in crafting a transformative development agenda for the post-2015 period, we must craft a strengthened global partnership for provision of adequate and enhanced means of implementation to the developing countries as part of it,” he said.

While noting that advances have been made in reducing poverty and achieving human development over the past decade, Mr. Jaitley added that progress in the achievement of the Millennium Development Goals (MDGs) has been uneven and many of the goals would not be met by the deadline of 2015.

“A key reason for our collective failure to achieve the MDGs has been the shortfall in development financing.

The global partnership to provide the support to achieve the MDGs has failed to deliver,” he said.

He stressed on the need for reform of institutions of global economic governance aimed at giving “real voice and participation” to developing countries.

“The Financing for Development Process is a key pillar of the global development agenda. Its fundamental creed of ensuring enhanced and predictable financial resource flows to assist developing countries in pursuing their development priorities is in fact all the more relevant today and will remain so in the post-2015 period,” he added.